BUDAPEST, Hungary -- One of the world's largest electrical vehicle manufacturers, China's BYD, will open its first European electric vehicle production factory in Hungary, the country's foreign minister said Friday, the latest step in the Central European nation's efforts to become a global hub for electric vehicle manufacturing.
BYD will build the plant near the southern Hungarian city of Szeged, and is expected to provide thousands of jobs to the region, Foreign Minister Peter Szijjarto said in a statement posted to his Facebook page.
The project "will be one of the largest investments in Hungarian economic history," he said, adding that the government would provide financial incentives to BYD for building the plant, details of which he said would be released at a later date.